“This inquiry has achieved little more than to propose basic information measures the big banks should have introduced years ago” – Which? response to the CMA’s proposed banking remedies

17 May 2016

Alex Neill, Which? Director of Policy and Campaigns, said:

“After 18 months this inquiry achieved little more than to propose basic information measures that the big banks should have introduced years ago. Steps to stimulate switching are welcome but the chance to deliver better banking for all consumers has been missed.

“The ball is now firmly in the Financial Conduct Authority’s court. Their first task will be to test these proposals to ensure they work for consumers. But they must also go further than better information to tackle the unfair, punitive charges faced by unauthorised overdraft users, some of whom are hit with fees far in excess of payday loans.

“Only when the regulator addresses these unfair charges, and holds the banks to account for poor customer service, will we see the shake up in banking that’s so desperately needed.”